- The change in jobless claims in the UK reached -114,800 in June.
- The unemployment rate in the UK rose to 4.8% in May.
- UK wages, excluding bonuses, were up 6.6% year-on-year.
The Office for National Statistics (ONS) has shown on Thursday that the UK’s official unemployment rate rose to 4.8% in May from 4.7% previously and the expected 4.7%, while the change in the number of jobless claims showed a massive drop last month.
The number of people claiming unemployment benefits showed a sharp drop of 114,800 people in June compared to -92,600 views the previous month. The unemployment claim rate stood at 5.8% compared to 6.2% the previous month.
UK average weekly earnings excluding bonds reached + 6.6% in May compared to the + 5.7% seen the previous month and the + 6.6% expected, while the indicator including bonds reached + 7.3% compared to the + 5.7% previously and the + 7.2% expected.
Key points (via ONS)
The employment estimate shows 356,000 more employees with payroll than in May.
The composition and base effect have inflated payroll wage growth.
The underlying wage growth in the UK hovers around 3.2% and 4.4%.
About UK jobs
Average earnings published by National Statistics are a key short-term indicator. This data analyzes how payment levels change in the UK economy. It can also be viewed as a basic pay growth measure. A reading above expectations is bullish for the pound, while a reading below the market consensus is bearish.
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